Thursday, June 07, 2007

Peebles to Build $2.5 Billion Las Vegas Hotel and Mixed-Use Condo Project

LAS VEGAS--(BUSINESS WIRE)--Real estate mogul, entrepreneur and best-selling author R. Donahue Peebles has closed on the purchase of 13 acres of land a half mile from the Strip for the development of Las Vegas’ largest and only five-star, non-gaming hotel. The total retail value of the project will be $2.5 billion. The acquisition financing was provided by Credit Suisse, signaling the continued strength of the Las Vegas real estate market. This will be the first Las Vegas hotel and the largest real estate project in the country to be developed and owned by an African American.

Located just east of the Wynn Las Vegas Golf Course on Paradise Road, Peebles’ new development calls for four 55-story glass towers consisting of 800 luxury hotel suites and 1,000 condos designed by famed architectural firm Arquitectonica. Amenities include a 40,000-square-foot destination spa, exclusive retail, restaurant with an acclaimed chef and dramatic sky lobby with infinity-edge pool 400 feet above the Strip.

“As Las Vegas continues to mature as a world class luxury destination, so do its travelers. More than 50% of travelers visit Las Vegas for reasons other than gambling. Paradise Road, recognized as the new and more exclusive Strip, is becoming the spot for the sophisticated Las Vegas traveler,” explains Peebles.

The overall development budget is estimated at $1.6 billion. Plans for the 4.5 million square-foot project have been approved by the FAA for 550 feet in height and by Clark County for the development plan. Peebles expects the hotel tower to be completed by 2009.

R. Donahue Peebles is the founder and CEO of The Peebles Corporation, the country’s largest African American-owned real estate development company with a portfolio that includes five-star luxury hotels and residential and commercial properties and projects underway in Washington, D.C., Miami Beach, The Florida Keys, San Francisco and Las Vegas valued at over $4 billion. In his first book, The Peebles Principles (Wiley), Peebles shares business advice based upon his experiences in building a multi-billion dollar real estate firm.